hiya, getting to the end of our IVA, wondering how finances have been managed by others ?

[Helen.k]

hiya, getting to the end of our IVA, and I can't wait! It's been a long slog, and we have struggled at times. I was wondering how people have managed their finances while in the IVA, as this may help others who are only just starting the process.
Friends and family have helped us out a lot, providing a shoulder to cry on and an occasional trolley load of shopping.
I don't go shopping without checking what is on offer first, and also collect coupons, I'm not quite the extreme couponer yet though!
I do online surveys and scan my shopping, both of these allow me to collect points which can be traded in for vouchers, and a daily paper has a scheme to collect points which you can use for shopping vouchers too. Luckily I don't even have to buy the paper as it is bought in by the company I work for!

[MerlinL14]

Just me and the missus during our IVA so no one else to suffer the, sometimes, soup and sandwich main meal! But it was well and truly worth it. We did shop at Aldi more than Asda, the staples and fruit and veg are far less expensive. Didn't have anyone to slip us a few quid here and there as no one knew we were in an IVA, we did manage very well with the budget we set and stuck to, even now we have the same budget we used while making payments, with the odd luxury now and then. For the first time in our lives we have money in the bank at the end of each month and save a substantial wedge, most of that went to our IVA company prior to our final payment.

[Helen.k]

Yes aldi has been our saviour! About 18 months ago our local pub closed (no loss to us as we never used it) it was demolished and like the Phoenix rising from the flames (well rubble!) an aldi was built! So I invested in a shopping trolley and most of our shopping has been done there since! So not only saving on shopping, but no petrol used either.

[linrog]

Just me and the Mr through our journey we were very frugal with our budget it's taught us a very valuable lesson which we are greatful for

[Downwardi]

Lidl and Aldi !

And no holidays and not driving places on the weekends. Luckily we changed. Are to more reliable ones and although over the 4 years one seems to cost £400 in repairs per annum my car has been used a lot less and not had any problems.

Thing is now they are 12 and 17 years old so will need replacing at the end of the iva.

[Helen.k]

our car is still chugging along, 10 yrs old now but it still gets us from a-b. it was a money pit last year we must have spent around £1000 on it, but I hate to tempt fate, its been running great for months now (touch wood).

Haven't been away for years, but I haven't missed holidays as such, I do miss weekends away, so my first IVA-free month I think that is gonna be my treat, somewhere exotic like Blackpool for a night!

[thisusernameistaken]

I've been quite fortunate in a way regards income and affordability. My basic income/expenditure allows enough to cover the minimum IVA requirement, however I'm in a job where I can regularly earn commission and I get to keep over half of it under the 10+50/50 rule.

As a result I was able to afford to replace my dead boiler last year, cover some unexpected bills the car threw my way (it's 17 years old but unlike most teens it's been fairly well behaved overall) and I have a savings pot with a couple of grand set aside for any other unexpected eventualities.

A couple of things that make this noteworthy; it's the first time in about 15 years I've had any money saved and it's a wonderful feeling. The IVA has taught me the lesson it should have done and that's one of prudence and thrift. I haven't been away on holiday anywhere, I haven't splashed the cash around. I've been able to live fairly comfortably and without the gnawing feeling in the pit of my stomach that if the **** hits the fan, I'd be in trouble. For now, I can cover stuff if needs be.

What I'm actually doing is saving up 'my bit' to turn into a F&F. I have a spreadsheet with a calculator that shows how much more I need to add to the pot to be able to put forward an offer based on time remaining - not only does the amount required go down when I put savings in, it comes down each month by the amount of the IVA too. At some point - hopefully not too far away - I'll be able to put forward an offer.

I've been willing to let myself 'live a little' and have the occasional night out or takeaway as a treat. I've been able to buy the things I need - the IVA's I&E isn't realistic in terms of things like motoring-related costs etc so it's been important to be able to afford those things.

My whole approach to money has been changed for the better. As well as having more in my pocket than at any time for 15+ years, every commission payment means I'm also paying back more to my creditors which I feel happier about. I'm not here to rip the piss and 'get away without paying my debt' - if that were the case I'd have gone bankrupt and had done with it. I genuinely wanted to try and pay back as much as I could.

All things considered I'm in a far better position because of the decision I made (and a scary one at the time) to enter into the IVA. I dread to think where I would have been without it so even hardship in an IVA is better than having creditors pursue you through the courts and issuing CCJs etc.

I have a couple more years to go of a 6-year.